Natural gas prices lost ground in December bidweek trading as markets mulled rising production levels and waning weather-driven demand across much of the Lower 48.

NGI’s December Bidweek National Avg. shed 24.0 cents month/month to $5.890/MMBtu. Still, that more than doubled the $2.720/MMBtu average for December 2020, when prices were recovering from the demand destruction imposed by the coronavirus pandemic.

Gas traded Nov. 22-24 was for December baseload delivery. NGI decided in May to move to a three-day trading bidweek period, which was implemented beginning with the October 2021 bidweek.

Several Northeast hubs posted robust gains during December bidweek trading, with Algonquin Citygate spiking $4.145 to $12.150 and Tenn Zone 6 200L jumping $4.445 to $12.445. The...